Gold Cools on Cyprus, Gains for Week

by Christopher Freeburn | March 22, 2013 4:29 pm

[1]Gold fell in Friday trading as lawmakers in Cyprus scrambled to a find ways to fund a European Union bailout package, reassuring investors that a deal would ultimately be negotiated. A series of bills are expected to be voted on tonight.

Investors took profits on the metal’s recent rise, but gold still posted a gain for the week.

Gold futures for April delivery slid 0.5% to $1,606.10 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,615.30 and as low as $1,602.60. Gold bullion closed in London at $1,610, according to BullionVault[3].

Silver futures for April delivery dropped 1.8% to $28.67 per ounce. Friday’s high for silver was $29.10, while the low was $28.54.